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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The income tax provision (benefit) consists of the following (amounts in millions):

			Fiscal Year Ended March 31,
			2023						2022						2021
Income (loss) before income taxes:
U.S.			$	674.7					$	132.2					$	(301.7)
Foreign			2,235.0						1,350.3						641.2
Total income before income taxes			$	2,909.7					$	1,482.5					$	339.5
Current provision (benefit):
U.S. Federal			$	389.5					$	191.6					$	54.8
State			5.0						3.7						2.0
Foreign			72.0						(6.2)						72.2
Total current provision			$	466.5					$	189.1					$	129.0
Deferred provision (benefit):
U.S. Federal			$	53.7					$	(78.7)					$	(215.4)
State			4.6						(9.1)						(22.9)
Foreign			147.2						95.7						99.4
Total deferred provision (benefit)			205.5						7.9						(138.9)
Income tax provision (benefit)			$	672.0					$	197.0					$	(9.9)

Reconciliation of Expected Federal Income Tax Expense to Actual

The provision (benefit) for income taxes differs from the amount computed by applying the statutory federal tax rate to income before income taxes.  The sources and tax effects of the differences in the total income tax provision (benefit) are as follows (amounts in millions):

			Fiscal Year Ended March 31,
			2023						2022						2021
Computed expected income tax provision			$	611.0					$	311.3					$	71.3
State income taxes, net of federal benefit			8.6						3.5						(3.8)
Effects of foreign operations - rate differential			(184.0)						(96.8)						(37.7)
Effects of foreign operations - other, net of foreign tax credits			258.9						139.9						122.5
Foreign-derived intangible income ("FDII")			—						(27.3)						(10.5)
Business realignment of intellectual property rights			—						(3.1)						(63.8)
Change in uncertain tax positions			50.6						(47.1)						28.1
Share-based compensation			(11.4)						(17.6)						(12.3)
R&D tax credits			(63.8)						(49.5)						(47.6)
Income tax holidays			(26.7)						(22.5)						(11.1)
Convertible debt settlement			0.7						(25.5)						(48.1)
Other			19.0						31.7						16.4
Change in valuation allowance			9.1						—						(13.3)
Income tax provision (benefit)			$	672.0					$	197.0					$	(9.9)

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets and deferred tax liabilities are as follows (amounts in millions):

			March 31,
			2023						2022
Deferred tax assets:
Accrued expenses			$	64.7					$	81.6
Capital loss carryforward			11.0						9.8
Deferred revenue			—						90.4
Income tax credits			312.7						306.6
Intangible assets			1,328.7						1,479.9
Inventory valuation			40.0						26.8
Lease liabilities			35.8						36.1
Net operating loss carryforward			73.9						77.0
Property, plant and equipment			7.0						40.8
Share-based compensation			37.7						45.8
Other			4.0						5.5
Gross deferred tax assets			1,915.5						2,200.3
Valuation allowances			(299.4)						(290.3)
Deferred tax assets, net of valuation allowances			1,616.1						1,910.0
Deferred tax liabilities:
Convertible debt			—						(22.7)
Intangible assets			(1.6)						(92.4)
ROU assets			(33.9)						(33.6)
Other			—						(4.0)
Deferred tax liabilities			(35.5)						(152.7)
Net deferred tax asset			$	1,580.6					$	1,757.3
Reported as:
Non-current deferred tax assets			$	1,623.3					$	1,797.1
Non-current deferred tax liability			(42.7)						(39.8)
Net deferred tax asset			$	1,580.6					$	1,757.3

Summary of Valuation Allowance

Additions and deductions related to the valuation allowance for deferred tax assets for the three fiscal years ended March 31, 2023 were as follows (amounts in millions):

			Balance at Beginning of Year						Additions Charged to Costs and Expenses												Deductions						Balance at End of Year
Fiscal 2023			$	290.3					$	19.3											$	(10.2)					$	299.4
Fiscal 2022			$	290.3					$	7.1											$	(7.1)					$	290.3
Fiscal 2021			$	303.5					$	8.1											$	(21.3)					$	290.3

Rollforward of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company's gross unrecognized tax benefits for the three fiscal years ended March 31, 2023 (amounts in millions): 

			Fiscal Year Ended March 31,
			2023						2022						2021
Beginning gross unrecognized tax benefit			$	804.1					$	826.3					$	757.3
Decreases related to settlements with tax authorities			(0.4)						(0.4)						(6.0)
Decreases related to statute of limitation expirations			(11.7)						(12.6)						(10.9)
Increases related to current year tax positions			65.9						28.2						35.4
Increases (decreases) related to prior year tax positions			(9.9)						(37.4)						50.5
Ending gross unrecognized tax benefits			$	848.0					$	804.1					$	826.3

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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